Almost 3,000 Apartments Will Deliver Downtown This Year
You might think that’s astronomical, but the city will see almost 5,000 more units in 2016, the Chicago Tribune reports. (Pictured: Related Midwest’s latest, OneEleven.) Additionally, Q4 2014 average rents in young buildings rose 8.4% to $2.72/SF, according to Appraisal Research Counselors data, and luxury rents are higher. That new project locations range from Streeterville to the South Loop has quelled localized overbuilding concerns (along with 93% downtown occupancy in Q4 2014), but condos are crawling back (look at CMK in the South Loop) and changes to the city’s Affordable Requirements Ordinance could make renting an even more expensive proposition for ownership-averse Millennials.